JOURNAL ARTICLE
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Versicherungswirtschaft und Niedrigzinsumfeld: Risiken, Nebenwirkungen und Anpassungsstrategien
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 85 (2016), Iss. 1 : pp. 65–79
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Gesamtverband der Deutschen Versicherungswirtschaft
Gesamtverband der Deutschen Versicherungswirtschaft
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Forum Versicherungsrecht 2022
Captive lnsurance Companies unter Solvency II Regulierungsrechtliche Probleme angesichts einer ökonomischen Notwendigkeit für Entrenchment in Zeiten enger Versicherungsmärkte
Osswald, Dierk O.
2022
https://doi.org/10.33283/978-3-86298-632-3_2 [Citations: 0]
Abstract
The historically unprecedented ultra-loose monetary policy stance of the European Central Bank has accelerated the downward trend in capital market rates, thereby resulting in a pronounced low-yield environment not only in Germany, but also in the euro area. However, while monetary policy has steadily become less effective in terms of stimulating the real economy, the resulting risks for the financial system and old-age provision are becoming increasingly more severe. For this reason, it is vital to initiate a gradual normalisation of monetary policy in the euro area now. German insurance companies, particularly life insurers, are facing numerous challenges due to the extreme yield environment with negative rates in most maturity buckets. The industry is not only directly affected in its investment strategy–there are also indirect effects caused by the declining willingness of private households to make financial old-age provisions. In order to adapt to the low interest rate environment, the insurance industry has already implemented various measures over and beyond the provisions policy-makers and supervisory authorities have put in place.